Wills

A will is a legal documents which controls the distribution of property owned by the deceased at the time of their death. The maker (Testator) of the will, names Personal Representatives to collect the assets of the deceased, pay any outstanding debts and bills and then distribute the remaining assets to the designated beneficiaries. Because a will is probated in court, many people prefer to transfer assets via a trust, as joint property or with transfer on death designations.

Revocable Trusts

A trust is a legal document the controls the management of property. A trustee is named to manage the assets in the trust for the benefit of beneficiciaries. In a Self-Trusteed Trust, a maker (Settlor or Grantor) of the trust can name themselves the Original Trustee to manage the property as long as they are able to act. The maker of the trust names Successor Trustees to step in and manage the property in the trust if and when the Original Trustee is unable to act due to incapacity or death. Trusts frequently avoid probate upon the death of the maker of the trust.

General Power of Attorney

General Power of Attorney is an instrument which authorizes another person (Agent) to act on behalf of the maker (Principal) of the power of attorney. General Power of Attorney continues even if the maker later becomes incapacitated and terminates upon the death of the maker.

Durable Power of Attorney for Health Care

This document is used by the maker (Principal) to designate Patient Advocates to carry out the wishes of the maker concerning life-support treatment. The maker provides instructions as to the level of life-support they wish to receive and at what point they wish life-support to be withheld.

Things to consider when preparing these legal documents

Keep in the mind the following:

  1.  How and to whom do you want your estate distributed on your death?
  2. Who do you want to represent you when your estate needs to be distributed?
  3. In case of incapacitation who should make legal and medical decisions for you?

Questions?

We can provide additional information on necessary details when developing these documents for your Estate Planning.

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